TP ICAP, the world's largest inter-dealer broker, closed the three months between July and September with a total group revenue of £512 million, an increase of 5 percent. Although the Global Broking revenue dropped, strong performance in its energy and commodities division raised the overall figure higher.

The company highlighted that the trading was in line with expectations so far this year.

Multiple Divisions Performed Well

According to the latest trading update published today (Tuesday), revenue from the energy and commodities division jumped 28 percent on a constant currency basis and 22 percent on a reported basis, "reflecting the positive market developments and the division's strong position."

However, the revenue from the Global Broking business slipped 2 percent on a constant currency basis and 6 percent on a reported currency basis. The downturn followed an improvement of 12% in the revenue base for the same period last year.

The quarterly revenue of Liquidnet also saw an uptick of 6 percent and 3 percent on a constant and reported currency basis, respectively. Liquidnet operates as a dark pool operator acquired by TP ICAP in 2021.

The update highlighted that "growth in Equities more than offset a decline in the non-platform business." Parameta Solutions, another growing division of TP ICAP, witnessed revenue growth of 7 percent on a constant currency basis and 2 percent on a reported basis.

Struggling TP ICAP Stock

Despite the revenue rise, the publicly-listed shares of TP ICAP are still struggling to gain positive momentum. Year-to-date, the TP ICAP stock price fell by 5.11 percent despite recovering from its bottom in early July.

Meanwhile, the stock prices benefited from the H1 performance of the company. The revenue of TP ICAP for the first six months of the fiscal stood at £1.13 billion, an overall revenue upscale of 1 percent following a strong H1 2022 when the revenue base grew 7 percent.